Can't we all just get along? Alaska is calling ....

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: Sean: I like this site, the opportunity to discuss things and I am grateful to Christine for providing it for us.  That does NOT mean that I march lock-step with her on every issue.  Do I believe that credit scoring discriminates against people on the basis of race, gender, etc.?  No, I do not.  Do I believe that inquiries result in statistically significant lowering of your score?  No, I do not.  Do I believe that shopping for credit lowers your score?  No, I do not.

: Christine: All I can say is: Work as a mortgage broker targeting low-income and minority first-time buyers for a few years, you might just change your mind.

: Sean: If a person goes out to three car dealership over the weekend and lets all three pull her credit to determine what rate they would give her on an automobile loan.  The chances of these three inquiries showing up on the same report is about 3.7% or 1 in 27.  Even if she should REALLY go overboard and let 40 people pull her credit report it isn't likely to hurt her on this purchase, because:

: : 1.  Back-to-back autoloan and mortgage inquiries and/or duplicates are compressed.

: Christine: Only for a few weeks!  According to Fair Isaac.

: Sean: 2.  Regardless HOW many people pull her report, there are still going to be three people that will be first.  One will be the first to pull Experian, one will be the first to pull Trans Union and one will be the first to pull Equifax.  Accordingly she has AT LEAST three choices right there.

: Christine: A high rate loan, or a decline. Maybe 3 declines? How would you like THAT choice?

: Sean: Similarly a person that applies for new credit every two months is likely to end up with a new inquiry on each credit bureau every 6 months, or basically one inquiry on their report because inquiries only count for 12 months.

: : http://www.fairisaac.com/servlet/SiteDriver/Content/785

: : "By analyzing a large sample of credit file information on people who recently obtained new credit, Fair, Isaac was able to survey the panorama of credit activity across the U.S."

: : Fair, Isaac research indicates that the majority of people who receive new credit have an inquiry on their credit report.  In fact, if you hit the above link, you'll get all the right answers to the credit questions and you can read in, as a practical matter, the likelihood of a person getting credit.

: Christine: Only ONE inquiry! THAT's so important. Apparently having more than one inquiry is a real big problem.

: Sean: Once a person has achieved this state of enlightenment they can use the handy adverse reason codes (see http://www.advantagecredit.com/creditreporting/adverse_reason_codes.htm) to further optimize their credit score.

: Christine: Further optimize their Score? Haven't we just posted about that?  Didn't you post that one should only do one thing at a time and that it takes forever to see the result?

: There are so many people who need credit to buy a car to get to work, NEED money to get the car fixed, to pay for the dentist, even to buy food -- because something happened in their life to leave them without cash.  They can't wait another year ...

: There are a lot of GOOD people with bad credit files that are NOT their fault because it's not their data or incorrect data.

: I just heard that in New Mexico lenders are charging up to 300% interest.  Yes, three hundred percent.  And it's legal.  I guess that's the loans for the people who can't wait a year to optimize their credit scores.

: Sean: And finally I finish with a quote from the creditscoring.com website:

: : My primary point: get a life. 

: : You must be seriously retired or unemployed, because you have WAY too much time on your hands. Do you really, honestly think people want to sift through your pathetic pschodrivel? Do we care that you can't take a simple answer? [You need expensive software and half a brain to calculate your score.]

: Christine: Can't we all just get along?

: Obviously, we all have different reasons for posting here and we have different objectives.

: Mine is that I think it's disgusting how people appear to exist only for the benefit of corporate and the shareholders. 

: I've had some sucky years because I wouldn't accept that a family can't buy a house because Grandpa had some collections and they're on Dad's credit, because this AWFUL family believed in family values and had grandpa living in their apartment instead of hauling him into an old folks home.

: I wouldn't accept that a family can't buy a house after working on their credit for a year and would still be declined because a creditor sold the $64 charge-off which was then sold again and all 3 reported it.  My Clients were declined the FNMA mortgage because the cancelled check wasn't good enough and the bureaus weren't helping and neither was PCI, the mortgage credit reporting company who is supposed to assist.

: Basically, I could care less about all the people who get approved.  When you're about to die, does it make you feel better that billions of humans are going to live?

: A few years ago I accepted reality for what it is.  I couldn't survive as a mortgage broker working with first-time buyers and NOT cream skimming.  So I quit.

: I try to help people help themselves, that's what the web site and forums are for.

: Chances of actually changing anything are extremely slim. I really don't like this so called civilization. It's just not civil. Somebody is playing SimPlanet and the only goal is corporate profits.

: I'm off to spend a few months in northern Canada and Alaska.

: Christine
: Ford owner (Ford sux! but I like my truck)  
: 1986 F350 4x4 Diesel Banks with a Lance camper

: PS: I hope you'll continue posting here and maybe I can hire you to work on my credit when I get back?


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